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The Wolf of Wall Street thinks Bitcoin is a ‘huge scam’

The Wolf of Wall Street thinks Bitcoin is a 'huge scam'

The Wolf of Wall Street thinks Bitcoin is a ‘huge scam’.

Jordan Belfort, who was the inspiration behind the hit film that starred Leonard DiCaprio, warned the value of the cryptocurrency could fall massively.

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This is despite the price of bitcoin hitting a record of almost $18,000 (£13,000) on the Bitstamp exchange yesterday.

Former stockbroker Belfort told the Financial Times: ‘Promoters are perpetuating a massive scam of the highest order on everyone.

‘Probably 85 percent of people out there don’t have bad intentions but the problem is, if five or 10 percent are trying to scam you.’

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The Wolf of Wall Street thinks Bitcoin is a 'huge scam'
Jordan Belfort in Los Angeles, California (Picture: GC Images)

The European Union also agreed yesterday on stricter rules to prevent money laundering and terrorism financing on exchange platforms for bitcoin and other virtual currencies.

The agreed measures will end anonymous transactions on virtual currency platforms and with pre-paid payment cards, which investigators said could have been used to fund attacks by militants.

The agreement is part of a broader set of measures to tackle financial crimes and tax evasion.

Film: The Wolf Of Wall Street (2013), starring Leonardo DiCaprio as Jordan Belfort.
The Wolf Of Wall Street starring Leonardo DiCaprio as Jordan Belfort

The Wolf of Wall Street film, which was directed by Martin Scorcese, was based on Belfort’s memoir of the same name.

He wrote about his rise and downfall after he manipulated stock worth $100million and was jailed.

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